T.
ROWE
PRICE
Small-Cap
Stock
Fund
September
30,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares
$
Value
(Cost
and
value
in
$000s)
‡
COMMON
STOCKS
94.3%
COMMUNICATION
SERVICES
1.5%
Entertainment
0.5%
Cinemark
Holdings (1)
1,146,917
22,032
Zynga,
Class
A (1)
4,298,791
32,370
54,402
Interactive
Media
&
Services
0.1%
Genius
Sports (1)
365,400
6,818
6,818
Media
0.9%
Advantage
Solutions (1)
948,609
8,205
Advantage
Solutions,
Warrants,
12/31/26 (1)
272,817
497
Cable
One
51,437
93,262
101,964
Total
Communication
Services
163,184
CONSUMER
DISCRETIONARY
10.7%
Auto
Components
0.5%
Gentherm (1)
556,477
45,035
Stoneridge (1)
729,805
14,881
59,916
Diversified
Consumer
Services
1.3%
Alclear
Holdings,
Acquisition
Date:
3/6/18
-
12/13/18,
Cost $16,753 (1)(2)
2,236,274
87,209
Bright
Horizons
Family
Solutions (1)
417,100
58,152
Rover
Group,
Acquisition
Date:
5/11/18
-
8/2/21,
Cost $5,573 (1)
(2)
773,380
9,985
Rover
Group,
Acquisition
Date:
8/2/21,
Cost $— (1)(2)
773,380
547
Rover
Group,
Acquisition
Date:
8/2/21,
Cost $— (1)(2)
773,380
441
Rover
Group,
Acquisition
Date:
8/2/21,
Cost $— (1)(2)
773,380
107
156,441
Hotels,
Restaurants
&
Leisure
3.1%
Bally's (1)
191,251
9,589
BJ's
Restaurants (1)
1,115,082
46,566
Chuy's
Holdings (1)
968,443
30,535
Denny's (1)
1,372,843
22,432
T.
ROWE
PRICE
Small-Cap
Stock
Fund
2
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Drive
Shack (1)
2,382,126
6,694
Dutch
Bros,
Class
A (1)
361,237
15,649
Fiesta
Restaurant
Group (1)(3)
2,186,682
23,966
Papa
John's
International
968,520
122,993
Red
Robin
Gourmet
Burgers (1)
736,651
16,987
Red
Rock
Resorts,
Class
A (1)
250,000
12,805
Ruth's
Hospitality
Group (1)
932,606
19,314
Torchys
Holdings,
Class
A,
Acquisition
Date:
11/13/20,
Cost $33,027 (1)(2)(3)(4)(5)
3,862,836
33,027
360,557
Household
Durables
0.7%
Cavco
Industries (1)
110,611
26,186
Skyline
Champion (1)
990,075
59,464
85,650
Internet
&
Direct
Marketing
Retail
1.4%
1stdibs.com,
Acquisition
Date:
2/7/19,
Cost $5,328 (1)(2)
354,395
4,175
Altimeter
Growth (1)
1,125,077
11,971
Altimeter
Growth
SPAC
/
Grab
Holdings
PIPE (1)(6)
1,249,500
11,493
Big
Sky
Growth
Partners (1)
1,208,864
12,064
Deliveroo
Holdings,
Acquisition
Date:
9/12/17
-
5/16/19,
Cost $20,927
(GBP) (1)(2)
11,780,000
43,608
Poshmark,
Class
A (1)
135,076
3,209
RealReal (1)
1,445,300
19,049
ThredUp,
Class
A (1)
667,811
14,485
Xometry,
Acquisition
Date:
7/20/20
-
9/4/20,
Cost $5,945 (1)(2)
584,987
32,049
Xometry,
Class
A (1)
109,101
6,292
158,395
Multiline
Retail
0.6%
Ollie's
Bargain
Outlet
Holdings (1)
1,106,452
66,697
66,697
Specialty
Retail
2.2%
Burlington
Stores (1)
430,289
122,017
Five
Below (1)
85,990
15,204
Monro
937,558
53,919
Petco
Health
&
Wellness (1)
668,894
14,114
T.
ROWE
PRICE
Small-Cap
Stock
Fund
3
Shares
$
Value
(Cost
and
value
in
$000s)
‡
RH (1)
67,909
45,289
250,543
Textiles,
Apparel
&
Luxury
Goods
0.9%
Allbirds,
Acquisition
Date:
10/10/18
-
12/21/18,
Cost $6,034 (1)
(2)(4)
550,195
6,362
Capri
Holdings (1)
960,700
46,507
Skechers
USA,
Class
A (1)
918,800
38,700
Steven
Madden
287,000
11,526
103,095
Total
Consumer
Discretionary
1,241,294
CONSUMER
STAPLES
2.9%
Beverages
0.9%
Boston
Beer,
Class
A (1)
200,036
101,968
101,968
Food
Products
1.9%
ADM
Holdings (4)
164
264
Cal-Maine
Foods
956,317
34,581
Makepeace
Bros (1)
164
738
Nomad
Foods (1)
1,322,592
36,451
Post
Holdings (1)
563,309
62,054
Post
Holdings
Partnering (1)
797,263
8,060
TreeHouse
Foods (1)
1,172,075
46,742
Utz
Brands
1,994,253
34,162
223,052
Personal
Products
0.1%
BellRing
Brands,
Class
A (1)
545,352
16,770
16,770
Total
Consumer
Staples
341,790
ENERGY
3.0%
Energy
Equipment
&
Services
1.1%
Cactus,
Class
A
525,800
19,833
Dril-Quip (1)
334,944
8,434
Halliburton
2,000,069
43,241
Liberty
Oilfield
Services,
Class
A (1)
3,010,321
36,515
T.
ROWE
PRICE
Small-Cap
Stock
Fund
4
Shares
$
Value
(Cost
and
value
in
$000s)
‡
NexTier
Oilfield
Solutions (1)
4,719,257
21,709
129,732
Oil,
Gas
&
Consumable
Fuels
1.9%
Devon
Energy
1,470,246
52,208
Diamondback
Energy
875,068
82,843
Magnolia
Oil
&
Gas,
Class
A
3,621,486
64,426
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/18,
Cost $1,247 (1)(2)(4)
413
1,896
Venture
Global
LNG,
Series
C,
Acquisition
Date:
5/25/17
-
3/8/18,
Cost $20,149 (1)(2)(4)
5,556
25,503
226,876
Total
Energy
356,608
FINANCIALS
15.7%
Banks
9.5%
Atlantic
Capital
Bancshares (1)
716,654
18,984
BankUnited
1,916,367
80,143
CrossFirst
Bankshares (1)
1,274,350
16,567
Dime
Community
Bancshares
938,736
30,659
Dogwood
State
Bank,
Non-Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $2,938 (1)(2)(3)(4)
293,821
3,526
Dogwood
State
Bank,
Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $1,443 (1)(2)(3)(4)
144,311
1,732
Dogwood
State
Bank,
Warrants,
5/6/24,
Acquisition
Date:
5/6/19,
Cost $— (1)(2)(3)(4)
43,813
174
East
West
Bancorp
885,805
68,685
Equity
Bancshares,
Class
A
665,325
22,209
FB
Financial
1,049,263
44,992
First
Bancshares
778,589
30,194
Grasshopper
Bancorp,
Voting
Shares,
Acquisition
Date:
10/12/18
-
5/2/19,
Cost $5,000 (1)(2)(4)
500,044
2,275
Grasshopper
Bancorp,
Warrants,
10/12/28,
Acquisition
Date:
10/12/18,
Cost $— (1)(2)(4)
98,245
—
Heritage
Commerce
2,650,854
30,829
Heritage
Financial
762,585
19,446
Home
BancShares
1,945,293
45,773
Live
Oak
Bancshares
965,646
61,444
Origin
Bancorp
835,796
35,396
Pacific
Premier
Bancorp
1,126,069
46,664
T.
ROWE
PRICE
Small-Cap
Stock
Fund
5
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Pinnacle
Financial
Partners
1,053,578
99,121
Popular
446,796
34,703
Professional
Holding,
Class
A (1)
428,528
8,056
Sandy
Spring
Bancorp
829,200
37,994
Seacoast
Banking
1,342,367
45,385
Signature
Bank
414,004
112,725
SouthState
566,565
42,305
Webster
Financial
776,684
42,298
Western
Alliance
Bancorp
1,126,363
122,571
1,104,850
Capital
Markets
1.2%
Cboe
Global
Markets
711,722
88,154
StepStone
Group,
Class
A
1,244,285
53,056
141,210
Consumer
Finance
1.1%
Encore
Capital
Group (1)
868,703
42,801
PRA
Group (1)
890,786
37,538
PROG
Holdings
1,034,294
43,450
123,789
Diversified
Financial
Services
0.1%
Conyers
Park
III
Acquisition (1)
1,156,915
11,685
11,685
Insurance
2.5%
Assurant
503,693
79,458
Axis
Capital
Holdings
1,198,400
55,174
Bright
Health
Group (1)
328,169
2,678
Bright
Health
Group,
Acquisition
Date:
9/16/20,
Cost $12,434 (1)
(2)
1,826,994
14,163
Hanover
Insurance
Group
392,978
50,938
Selective
Insurance
Group
1,100,439
83,116
Selectquote (1)
821,901
10,627
296,154
Thrifts
&
Mortgage
Finance
1.3%
Blue
Foundry
Bancorp (1)
486,273
6,706
Capitol
Federal
Financial
1,521,332
17,480
T.
ROWE
PRICE
Small-Cap
Stock
Fund
6
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Essent
Group
1,046,580
46,060
Meridian
Bancorp
678,912
14,094
PennyMac
Financial
Services
1,062,093
64,926
Sterling
Bancorp (1)
607,217
3,133
152,399
Total
Financials
1,830,087
HEALTH
CARE
18.8%
Biotechnology
7.9%
Abcam,
ADR (1)
577,038
11,697
ACADIA
Pharmaceuticals (1)
247,615
4,113
Acceleron
Pharma (1)
280,046
48,196
Agios
Pharmaceuticals (1)
444,833
20,529
Allogene
Therapeutics (1)
161,365
4,147
Apellis
Pharmaceuticals (1)
294,820
9,717
Arcutis
Biotherapeutics (1)
117,206
2,800
Argenx,
ADR (1)
300,626
90,789
Ascendis
Pharma,
ADR (1)
462,842
73,772
Avidity
Biosciences (1)
507,031
12,488
Blueprint
Medicines (1)
472,749
48,603
Cerevel
Therapeutics
Holdings (1)
568,090
16,759
CRISPR
Therapeutics (1)
77,495
8,674
Flame
Biosciences,
Acquisition
Date:
9/28/20,
Cost $2,258 (1)(2)
(4)
344,711
2,258
G1
Therapeutics (1)
252,027
3,382
Generation
Bio (1)
980,182
24,573
Global
Blood
Therapeutics (1)
801,756
20,429
Homology
Medicines (1)
416,238
3,276
Icosavax (1)
384,574
11,379
IGM
Biosciences (1)
210,219
13,824
Insmed (1)
1,989,383
54,788
Intellia
Therapeutics (1)
241,686
32,422
Iovance
Biotherapeutics (1)
152,986
3,773
Karuna
Therapeutics (1)
78,686
9,626
Kodiak
Sciences (1)
637,364
61,174
Kymera
Therapeutics (1)
132,430
7,779
MeiraGTx
Holdings (1)
236,330
3,115
T.
ROWE
PRICE
Small-Cap
Stock
Fund
7
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Monte
Rosa
Therapeutics (1)
131,202
2,923
Morphic
Holding (1)
39,680
2,247
Nurix
Therapeutics (1)
181,532
5,439
Orchard
Therapeutics,
ADR (1)
554,616
1,276
Prothena (1)
907,653
64,652
PTC
Therapeutics (1)
108,229
4,027
Radius
Health (1)
2,228,514
27,656
RAPT
Therapeutics (1)
489,122
15,187
Replimune
Group (1)
227,313
6,737
Scholar
Rock
Holding (1)
786,537
25,971
Seagen (1)
198,546
33,713
Tenaya
Therapeutics (1)
120,663
2,492
TG
Therapeutics (1)
78,437
2,610
Turning
Point
Therapeutics (1)
263,088
17,477
Ultragenyx
Pharmaceutical (1)
689,130
62,153
Xencor (1)
703,458
22,975
Zentalis
Pharmaceuticals (1)
245,673
16,372
917,989
Health
Care
Equipment
&
Supplies
3.9%
AtriCure (1)
552,999
38,461
Avanos
Medical (1)
923,266
28,806
Axonics (1)
180,299
11,736
CVRx (1)
277,558
4,591
ICU
Medical (1)
246,446
57,516
Inari
Medical (1)
299,400
24,281
Mesa
Laboratories
49,989
15,115
Nevro (1)
298,944
34,791
NuVasive (1)
367,171
21,975
Outset
Medical (1)
251,119
12,415
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $13,938 (1)(2)
(4)
3,701,604
4,701
Penumbra (1)
119,800
31,927
PROCEPT
BioRobotics (1)
104,962
4,004
Pulmonx (1)
64,755
2,330
Quidel (1)
490,528
69,238
T.
ROWE
PRICE
Small-Cap
Stock
Fund
8
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Warby
Parker,
Class
A (1)
1,775,220
94,175
456,062
Health
Care
Providers
&
Services
4.0%
Accolade (1)
359,165
15,146
Alignment
Healthcare (1)
1,497,441
23,929
Amedisys (1)
290,515
43,316
dentalcorp
Holdings
(CAD) (1)
1,324,633
17,329
Hanger (1)
1,849,602
40,617
ModivCare (1)
282,874
51,376
Molina
Healthcare (1)
509,028
138,104
Oak
Street
Health (1)
571,958
24,325
Option
Care
Health (1)
1,349,712
32,744
Pennant
Group (1)
500,024
14,046
Privia
Health
Group (1)
294,622
6,941
Surgery
Partners (1)
508,546
21,532
U.S.
Physical
Therapy
353,993
39,152
468,557
Health
Care
Technology
0.4%
Certara (1)
237,712
7,868
Definitive
Healthcare (1)
240,724
10,310
Doximity,
Class
A (1)
183,453
14,805
Sophia
Genetics (1)
469,672
8,233
41,216
Life
Sciences
Tools
&
Services
1.3%
Adaptive
Biotechnologies (1)
293,498
9,976
Bruker
1,237,796
96,672
Olink
Holding,
ADR (1)
716,577
17,377
Quanterix (1)
157,906
7,862
Rapid
Micro
Biosystems,
Class
A (1)
483,854
8,937
Seer (1)
424,071
14,643
155,467
Pharmaceuticals
1.3%
Arvinas (1)
75,723
6,223
Atea
Pharmaceuticals (1)
126,002
4,417
Catalent (1)
887,291
118,072
T.
ROWE
PRICE
Small-Cap
Stock
Fund
9
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Reata
Pharmaceuticals,
Class
A (1)
211,150
21,244
149,956
Total
Health
Care
2,189,247
INDUSTRIALS
&
BUSINESS
SERVICES
14.5%
Aerospace
&
Defense
0.2%
BWX
Technologies
200,315
10,789
Parsons (1)
400,765
13,530
24,319
Airlines
0.1%
Sun
Country
Airlines
Holdings (1)
384,304
12,890
12,890
Building
Products
0.9%
CSW
Industrials
151,195
19,308
Gibraltar
Industries (1)
915,292
63,750
PGT
Innovations (1)
1,207,803
23,069
106,127
Commercial
Services
&
Supplies
2.0%
ADT
4,199,390
33,973
Brink's
504,392
31,928
Heritage-Crystal
Clean (1)
722,094
20,926
MSA
Safety
219,535
31,986
Rentokil
Initial
(GBP)
6,674,599
52,415
Stericycle (1)
472,900
32,143
Tetra
Tech
185,140
27,649
231,020
Electrical
Equipment
0.9%
AZZ
1,200,554
63,870
Shoals
Technologies
Group,
Class
A (1)
1,031,739
28,765
Thermon
Group
Holdings (1)
507,928
8,792
101,427
Machinery
5.2%
Chart
Industries (1)
192,765
36,839
Enerpac
Tool
Group
2,211,300
45,840
ESCO
Technologies
644,241
49,607
T.
ROWE
PRICE
Small-Cap
Stock
Fund
10
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Federal
Signal
906,100
34,994
Graco
734,718
51,408
Helios
Technologies
578,848
47,529
Ingersoll
Rand (1)
1,692,399
85,314
John
Bean
Technologies
584,359
82,132
Marel
(ISK)
2,139,763
14,817
Meritor (1)
1,596,968
34,031
Mueller
Water
Products,
Class
A
2,573,884
39,174
SPX (1)
848,900
45,374
Toro
429,023
41,791
608,850
Marine
0.5%
Matson
668,673
53,969
53,969
Professional
Services
2.1%
Booz
Allen
Hamilton
Holding
591,380
46,926
Checkr,
Acquisition
Date:
6/29/18
-
12/2/19,
Cost $4,339 (1)(2)(4)
189,521
10,234
Clarivate (1)
3,351,095
73,389
Huron
Consulting
Group (1)
340,200
17,690
Legalzoom.com (1)
270,334
7,137
Upwork (1)
2,071,752
93,291
248,667
Road
&
Rail
1.0%
Knight-Swift
Transportation
Holdings
764,356
39,096
Landstar
System
193,124
30,479
Saia (1)
185,375
44,125
113,700
Trading
Companies
&
Distributors
1.6%
Air
Lease
598,800
23,557
Rush
Enterprises,
Class
A
717,877
32,419
SiteOne
Landscape
Supply (1)
624,244
124,518
180,494
Total
Industrials
&
Business
Services
1,681,463
T.
ROWE
PRICE
Small-Cap
Stock
Fund
11
Shares
$
Value
(Cost
and
value
in
$000s)
‡
INFORMATION
TECHNOLOGY
14.3%
Communications
Equipment
0.0%
Infinera (1)
488,300
4,063
4,063
Electronic
Equipment,
Instruments
&
Components
3.6%
CTS
1,408,153
43,526
Littelfuse
207,827
56,793
National
Instruments
1,138,589
44,667
Novanta (1)
676,405
104,505
PAR
Technology (1)
1,063,657
65,425
Teledyne
Technologies (1)
243,650
104,667
419,583
IT
Services
2.8%
Euronet
Worldwide (1)
355,300
45,223
Flywire,
Voting
Shares (1)
139,574
6,119
Kratos
Defense
&
Security
Solutions (1)
1,372,585
30,622
Payoneer
Global (1)
3,543,700
30,299
Repay
Holdings (1)
1,005,363
23,153
ServiceTitan,
Acquisition
Date:
11/9/18
-
5/4/21,
Cost $1,148 (1)
(2)(4)
25,034
2,978
StoneCo,
Class
A (1)
187,462
6,509
Themis
Solutions,
Acquisition
Date:
4/14/21,
Cost $2,746 (1)(2)(4)
122,320
2,746
Toast,
Class
B,
Acquisition
Date:
6/27/18
-
2/14/20,
Cost $14,684 (1)(2)(3)
3,786,400
179,674
327,323
Semiconductors
&
Semiconductor
Equipment
2.6%
Entegris
1,026,902
129,287
Lattice
Semiconductor (1)
2,374,966
153,542
Semtech (1)
270,466
21,088
303,917
Software
5.3%
Ceridian
HCM
Holding (1)
784,594
88,361
Clearwater
Analytics
Holdings,
Class
A (1)
512,287
13,120
Coupa
Software (1)
166,267
36,442
Descartes
Systems
Group (1)
1,368,133
111,175
DoubleVerify
Holdings (1)
148,703
5,080
T.
ROWE
PRICE
Small-Cap
Stock
Fund
12
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Duck
Creek
Technologies (1)
109,174
4,830
Five9 (1)
324,208
51,789
ForgeRock,
Class
A (1)
227,521
8,857
Manhattan
Associates (1)
227,700
34,845
nCino (1)
647,549
45,995
Paycom
Software (1)
116,294
57,653
Paycor
HCM (1)
358,628
12,609
Plex
Systems,
EC,
Acquisition
Date:
9/7/21,
Cost $754 (1)(2)(4)
753,970
679
Plex
Systems,
EC,
Acquisition
Date:
9/7/21,
Cost $108 (1)(2)(4)
107,710
104
SS&C
Technologies
Holdings
1,259,969
87,442
Workiva (1)
342,234
48,241
Zendesk (1)
113,584
13,220
620,442
Total
Information
Technology
1,675,328
MATERIALS
3.7%
Chemicals
1.7%
Element
Solutions
4,804,167
104,154
Minerals
Technologies
568,264
39,688
Quaker
Chemical
210,161
49,959
193,801
Containers
&
Packaging
0.1%
Ranpak
Holdings,
Class
A (1)
463,887
12,441
12,441
Metals
&
Mining
1.6%
Constellium (1)
3,480,771
65,369
ERO
Copper
(CAD) (1)
2,598,300
46,074
Franco-Nevada
(CAD)
194,662
25,290
Haynes
International (3)
632,695
23,568
Northern
Star
Resources
(AUD)
5,038,060
30,856
191,157
Paper
&
Forest
Products
0.3%
West
Fraser
Timber
(CAD)
377,647
31,808
31,808
Total
Materials
429,207
T.
ROWE
PRICE
Small-Cap
Stock
Fund
13
Shares
$
Value
(Cost
and
value
in
$000s)
‡
MISCELLANEOUS
0.3%
Miscellaneous
0.3%
Bluescape
Opportunities
Acquisition (1)
1,449,443
14,886
KKR
Acquisition
Holdings
I (1)
1,841,008
18,373
Total
Miscellaneous
33,259
REAL
ESTATE
5.1%
Equity
Real
Estate
Investment
Trusts
3.8%
American
Campus
Communities,
REIT
1,089,717
52,797
Community
Healthcare
Trust,
REIT
440,275
19,896
CubeSmart,
REIT
1,085,300
52,583
EastGroup
Properties,
REIT
651,100
108,493
First
Industrial
Realty
Trust,
REIT
541,171
28,184
Flagship
Communities
REIT,
REIT
282,009
5,104
JBG
SMITH
Properties,
REIT
1,446,638
42,835
PS
Business
Parks,
REIT
490,274
76,846
Rexford
Industrial
Realty,
REIT
1,069,718
60,706
447,444
Real
Estate
Management
&
Development
1.3%
Altus
Group
(CAD)
244,500
11,930
FirstService
801,613
144,675
156,605
Total
Real
Estate
604,049
UTILITIES
3.6%
Electric
Utilities
0.6%
IDACORP
517,569
53,506
MGE
Energy
238,376
17,521
71,027
Gas
Utilities
1.6%
Chesapeake
Utilities
483,057
57,991
ONE
Gas
888,800
56,323
Southwest
Gas
Holdings
1,038,432
69,451
183,765
T.
ROWE
PRICE
Small-Cap
Stock
Fund
14
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Independent
Power
&
Renewable
Electricity
Producers
0.3%
NextEra
Energy
Partners
505,925
38,127
38,127
Multi-Utilities
0.2%
NorthWestern
498,900
28,587
28,587
Water
Utilities
0.9%
California
Water
Service
Group
525,068
30,942
Middlesex
Water
329,253
33,841
SJW
Group
557,046
36,798
101,581
Total
Utilities
423,087
Total
Miscellaneous
Common
Stocks
0.2% (7)
21,530
Total
Common
Stocks
(Cost
$6,234,464)
10,990,133
CONVERTIBLE
PREFERRED
STOCKS
4.9%
CONSUMER
DISCRETIONARY
2.4%
Automobiles
1.9%
Rivian
Automotive,
Series
D,
Acquisition
Date:
12/23/19,
Cost $12,773 (1)(2)(4)
1,188,846
84,444
Rivian
Automotive,
Series
E,
Acquisition
Date:
7/10/20,
Cost $17,939 (1)(2)(4)
1,158,106
82,260
Rivian
Automotive,
Series
F,
Acquisition
Date:
1/19/21,
Cost $27,485 (1)(2)(4)
745,862
52,979
219,683
Hotels,
Restaurants
&
Leisure
0.4%
Cava
Group,
Series
E,
Acquisition
Date:
6/23/20
-
3/26/21,
Cost $17,735 (1)(2)(4)
710,468
26,735
Cava
Group,
Series
F,
Acquisition
Date:
3/26/21,
Cost $13,024 (1)
(2)(4)
346,118
13,024
Torchys
Holdings,
Acquisition
Date:
11/13/20,
Cost $6,813 (1)(2)
(3)(4)(5)
758,455
6,813
46,572
Internet
&
Direct
Marketing
Retail
0.1%
1661,
Series
F,
Acquisition
Date:
5/28/21,
Cost $10,756 (1)(2)(4)
1,848,191
10,756
10,756
T.
ROWE
PRICE
Small-Cap
Stock
Fund
15
Shares
$
Value
(Cost
and
value
in
$000s)
‡
Textiles,
Apparel
&
Luxury
Goods
0.0%
Allbirds,
Series
A,
Acquisition
Date:
10/10/18,
Cost $1,974 (1)(2)
(4)
180,000
2,081
Allbirds,
Series
B,
Acquisition
Date:
10/10/18,
Cost $347 (1)(2)(4)
31,625
366
Allbirds,
Series
C,
Acquisition
Date:
10/9/18,
Cost $3,314 (1)(2)(4)
302,225
3,495
Allbirds,
Series
Seed,
Acquisition
Date:
10/10/18,
Cost $1,061 (1)
(2)(4)
96,710
1,118
7,060
Total
Consumer
Discretionary
284,071
CONSUMER
STAPLES
0.4%
Food
Products
0.4%
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $14,332 (1)(2)(4)
776,181
48,246
Total
Consumer
Staples
48,246
HEALTH
CARE
0.6%
Biotechnology
0.2%
Caris
Life
Sciences,
Series
C,
Acquisition
Date:
8/14/20,
Cost $4,493 (1)(2)(4)
1,627,947
13,186
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $8,050 (1)(2)(4)
993,799
8,050
21,236
Health
Care
Equipment
&
Supplies
0.0%
Kardium,
Series
D-6,
Acquisition
Date:
1/8/21,
Cost $5,415 (1)(2)
(4)
5,330,753
5,415
5,415
Health
Care
Providers
&
Services
0.1%
Honor
Technology,
Series
D,
Acquisition
Date:
10/16/20,
Cost $9,397 (1)(2)(4)
3,902,227
12,337
12,337
Life
Sciences
Tools
&
Services
0.3%
Inscripta,
Series
E,
Acquisition
Date:
3/30/21,
Cost $5,808 (1)(2)
(4)
657,721
5,808
National
Resilience,
Series
B,
Acquisition
Date:
10/23/20,
Cost $6,794 (1)(2)(4)
497,323
22,086
National
Resilience,
Series
C,
Acquisition
Date:
6/9/21,
Cost $11,631 (1)(2)(4)
261,906
11,631
39,525
Total
Health
Care
78,513
T.
ROWE
PRICE
Small-Cap
Stock
Fund
16
Shares
$
Value
(Cost
and
value
in
$000s)
‡
INDUSTRIALS
&
BUSINESS
SERVICES
0.7%
Aerospace
&
Defense
0.1%
ABL
Space
Systems,
Series
B,
Acquisition
Date:
3/24/21,
Cost $5,882 (1)(2)(4)
130,614
5,882
5,882
Professional
Services
0.3%
Checkr,
Series
C,
Acquisition
Date:
4/10/18,
Cost $3,881 (1)(2)(4)
284,293
15,352
Checkr,
Series
D,
Acquisition
Date:
9/6/19,
Cost $11,857 (1)(2)(4)
392,011
21,168
36,520
Road
&
Rail
0.3%
Convoy,
Series
C,
Acquisition
Date:
9/14/18,
Cost $8,346 (1)(2)(4)
1,175,394
19,391
Convoy,
Series
D,
Acquisition
Date:
10/30/19,
Cost $10,022 (1)(2)
(4)
740,142
12,211
31,602
Total
Industrials
&
Business
Services
74,004
INFORMATION
TECHNOLOGY
0.7%
IT
Services
0.3%
ServiceTitan,
Series
A-1,
Acquisition
Date:
11/9/18,
Cost $10 (1)
(2)(4)
381
45
ServiceTitan,
Series
D,
Acquisition
Date:
11/9/18,
Cost $4,907 (1)
(2)(4)
186,629
22,202
ServiceTitan,
Series
F,
Acquisition
Date:
3/25/21,
Cost $997 (1)
(2)(4)
9,288
1,105
ServiceTitan,
Series
G,
Acquisition
Date:
6/28/21,
Cost $491 (1)
(2)(4)
4,130
491
Themis
Solutions,
Series
AA,
Acquisition
Date:
4/14/21,
Cost $618 (1)(2)(4)
27,540
618
Themis
Solutions,
Series
AB,
Acquisition
Date:
4/14/21,
Cost $62 (1)(2)(4)
2,740
62
Themis
Solutions,
Series
B,
Acquisition
Date:
4/14/21,
Cost $67 (1)(2)(4)
2,980
67
Themis
Solutions,
Series
E,
Acquisition
Date:
4/14/21,
Cost $7,824 (1)(2)(4)
348,470
7,824
32,414
Software
0.4%
FLEXE,
Series
C,
Acquisition
Date:
11/18/20,
Cost $5,112 (1)(2)(4)
420,147
5,112
Haul
Hub,
Series
B,
Acquisition
Date:
2/14/20
-
3/3/21,
Cost $4,277 (1)(2)(4)
293,317
4,277
Nuro,
Series
C,
Acquisition
Date:
10/30/20
-
3/2/21,
Cost $11,576 (1)(2)(4)
886,735
11,576
T.
ROWE
PRICE
Small-Cap
Stock
Fund
17
Shares
$
Value
(Cost
and
value
in
$000s)
‡
SecurityScorecard,
Series
E,
Acquisition
Date:
3/5/21,
Cost $5,398 (1)(2)(4)
356,213
5,398
Seismic
Software,
Series
E,
Acquisition
Date:
12/13/18,
Cost $7,110 (1)(2)(4)
1,127,860
16,270
Seismic
Software,
Series
F,
Acquisition
Date:
9/25/20,
Cost $697 (1)(2)(4)
79,390
1,145
43,778
Total
Information
Technology
76,192
MATERIALS
0.1%
Chemicals
0.1%
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $7,078 (1)(2)(4)
149,321
7,078
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $9,813 (1)(2)(4)
237,759
9,813
Total
Materials
16,891
Total
Convertible
Preferred
Stocks
(Cost
$285,166)
577,917
SHORT-TERM
INVESTMENTS
1.0%
Money
Market
Funds
1.0%
T.
Rowe
Price
Government
Reserve
Fund,
0.05% (3)(8)
111,197,965
111,198
Total
Short-Term
Investments
(Cost
$111,198)
111,198
Total
Investments
in
Securities
100.2%
(Cost
$6,630,828)
$
11,679,248
Other
Assets
Less
Liabilities
(0.2)%
(23,906
)
Net
Assets
100.0%
$
11,655,342
‡
Shares
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Non-income
producing
(2)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
has
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$1,048,070
and
represents
9.0%
of
net
assets.
(3)
Affiliated
Companies
(4)
Level
3
in
fair
value
hierarchy.
(5)
Investment
in
a
partnership
held
indirectly
through
a
limited
liability
company
that
is
owned
by
the
fund
and
treated
as
a
corporation
for
U.S.
tax
purposes.
T.
ROWE
PRICE
Small-Cap
Stock
Fund
18
.
.
.
.
.
.
.
.
.
.
(6)
A
portion
of
the
position
represents
an
unfunded
commitment;
a
liability
to
fund
the
commitment
has
been
recognized.
The
fund's
total
unfunded
commitment
at
September
30,
2021,
was
$12,495
and
was
valued
at
$11,493
(0.1%
of
net
assets).
(7)
The
identity
of
certain
securities
has
been
concealed
to
protect
the
fund
while
it
completes
a
purchase
or
selling
program
for
the
securities.
(8)
Seven-day
yield
ADR
American
Depositary
Receipts
AUD
Australian
Dollar
CAD
Canadian
Dollar
EC
Escrow
CUSIP;
represents
a
beneficial
interest
in
a
residual
pool
of
assets;
the
amount
and
timing
of
future
distributions,
if
any,
is
uncertain;
when
presented,
interest
rate
and
maturity
date
are
those
of
the
original
security.
GBP
British
Pound
ISK
Iceland
Krona
PIPE
Private
Investment
in
Public
Equity
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
SPAC
Special
Purpose
Acquisition
Company
T.
ROWE
PRICE
Small-Cap
Stock
Fund
19
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
nine
months
ended
September
30,
2021.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
Alclear
Holdings
$
—
$
54,756
$
—
BJ's
Restaurants
1,308
3,595
—
Chuy's
Holdings
7,000
4,729
—
CTS
1,374
(6,436)
174
Dogwood
State
Bank,
Non-Voting
Shares
—
1,023
—
Dogwood
State
Bank,
Voting
Shares
—
502
—
Dogwood
State
Bank,
Warrants,
5/6/24
—
174
—
Fiesta
Restaurant
Group
732
(1,640)
—
Hanger
411
(361)
—
Haynes
International
(2,655)
11,304
422
Red
Robin
Gourmet
Burgers
(1,832)
6,612
—
Toast,
Class
B
—
164,990
—
Torchys
Holdings
—
1
—
Torchys
Holdings,
Class
A
—
—
—
T.
Rowe
Price
Government
Reserve
Fund,
0.05%
—
—
45
Totals
$
6,338#
$
239,249
$
641+
T.
ROWE
PRICE
Small-Cap
Stock
Fund
20
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
12/31/20
Purchase
Cost
Sales
Cost
Value
09/30/21
Alclear
Holdings
$
*
$
—
$
—
$
*
BJ's
Restaurants
42,907
3,308
3,244
*
Chuy's
Holdings
38,273
—
12,467
*
CTS
55,086
—
5,124
*
Dogwood
State
Bank,
Non-
Voting
Shares
*
—
—
3,526
Dogwood
State
Bank,
Voting
Shares
*
—
—
1,732
Dogwood
State
Bank,
Warrants,
5/6/24
*
—
—
174
Fiesta
Restaurant
Group
25,313
613
320
23,966
Hanger
42,137
—
1,159
*
Haynes
International
16,685
—
4,421
23,568
Red
Robin
Gourmet
Burgers
16,803
—
6,428
*
Toast,
Class
B
*
14,684
—
179,674
Torchys
Holdings
6,812
—
—
6,813
Torchys
Holdings,
Class
A
33,027
—
—
33,027
T.
Rowe
Price
Government
Reserve
Fund,
0.05%
111,707
¤
¤
111,198
Total
$
383,678^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$641
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$242,379.
*
On
the
date
indicated,
issuer
was
held
but
not
considered
an
affiliated
company.
T.
ROWE
PRICE
Small-Cap
Stock
Fund
Unaudited
Notes
to
Portfolio
of
Investments
21
T.
Rowe
Price
Small-Cap
Stock
Fund,
Inc. (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The
T.
Rowe
Price
Valuation
Committee
(the
Valuation
Committee)
is
an
internal
committee
that
has
been
delegated
certain
responsibilities
by
the
fund’s
Board
of
Directors
(the
Board)
to
ensure
that
financial
instruments
are
appropriately
priced
at
fair
value
in
accordance
with
GAAP
and
the
1940
Act.
Subject
to
oversight
by
the
Board,
the
Valuation
Committee
develops
and
oversees
pricing-related
policies
and
procedures
and
approves
all
fair
value
determinations.
Specifically,
the
Valuation
Committee
establishes
policies
and
procedures
used
in
valuing
financial
instruments,
including
those
which
cannot
be
valued
in
accordance
with
normal
procedures
or
using
pricing
vendors;
determines
pricing
techniques,
sources,
and
persons
eligible
to
effect
fair
value
pricing
actions;
evaluates
the
services
and
performance
of
the
pricing
vendors;
oversees
the
pricing
process
to
ensure
policies
and
procedures
are
being
followed;
and
provides
guidance
on
internal
controls
and
valuation-related
matters.
The
Valuation
Committee
provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
T.
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PRICE
Small-Cap
Stock
Fund
22
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the fund’s
own
assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the
fund
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of
its
portfolio
securities.
Each
business
day,
the
fund
uses
information
from
outside
pricing
services
to
evaluate
and,
if
appropriate,
decide whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The
fund
uses
outside
pricing
services
T.
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PRICE
Small-Cap
Stock
Fund
23
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The
fund
cannot
predict
how
often
it
will
use
quoted
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
Investments
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
for
which
market
quotations
or
market-based
valuations
are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Committee,
in
accordance
with
fair
valuation
policies
and
procedures.
The
objective
of
any
fair
value
pricing
determination
is
to
arrive
at
a
price
that
could
reasonably
be
expected
from
a
current
sale.
Financial
instruments
fair
valued
by
the
Valuation
Committee
are
primarily
private
placements,
restricted
securities,
warrants,
rights,
and
other
securities
that
are
not
publicly
traded.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Committee
typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Committee
may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis
and
updated
as
information
becomes
available,
including
actual
purchase
and
sale
transactions
of
the
investment.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions,
and
fair
value
prices
determined
by
the
Valuation
Committee
could
differ
from
those
of
other
market
participants.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
September
30,
2021
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
T.
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PRICE
Small-Cap
Stock
Fund
24
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
September
30,
2021.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/
loss
on
Level
3
holdings
during
the
period,
if
any.
The
change
in
unrealized
gain/
loss
on
Level
3
instruments
held
at
September
30,
2021,
totaled $264,659,000 for
the
period ended
September
30,
2021.
In
accordance
with
GAAP,
the
following
table
provides
quantitative
information
about
significant
unobservable
inputs
used
to
determine
the
fair
valuations
of
the
fund’s
Level
3
assets,
by
class
of
financial
instrument.
Because
the
Valuation
Committee
considers
a
wide
variety
of
factors
and
inputs,
both
observable
and
unobservable,
in
determining
fair
values,
the
unobservable
inputs
presented
do
not
reflect
all
inputs
significant
to
the
fair
value
determination.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Common
Stocks
$
10,271,862
$
619,812
$
98,459
$
10,990,133
Convertible
Preferred
Stocks
—
—
577,917
577,917
Short-Term
Investments
111,198
—
—
111,198
Total
$
10,383,060
$
619,812
$
676,376
$
11,679,248
($000s)
Beginning
Balance
12/31/20
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Ending
Balance
9/30/21
Investment
in
Securities
Common
Stocks
$
146,034
$
(19,395)
$
22,349
$
(50,529)
$
98,459
Convertible
Preferred
Stocks
365,807
211,767
130,003
(129,660)
577,917
Total
$
511,841
$
192,372
$
152,352
$
(180,189)
$
676,376
T.
ROWE
PRICE
Small-Cap
Stock
Fund
25
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Common
Stocks
$
98,459
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Discount
for
uncertainty
3%
-
10%
9%
Decrease
Expected
present
value
Discount
rate
for
cost
of
equity
20%
20%
Decrease
Market
comparable
Enterprise
value
to
sales
multiple
4.8x
–
5.8x
5.3x
Increase
Sales
growth
rate
11%
11%
Increase
Enterprise
value
to
gross
profit
multiple
9.5x
–
15.4x
12.5x
Increase
Gross
profit
growth
rate
13%
13%
Increase
Enterprise
value
to
EBITDA
multiple
10.8x
10.8x
Increase
Price
to
tangible
book
value
multiple
1.7x
–
1.9x
1.8x
Increase
Tangible
book
value
growth
rate
36%
36%
Increase
Projected
enterprise
value
to
EBITDA
multiple
12.7x
12.7x
Increase
T.
ROWE
PRICE
Small-Cap
Stock
Fund
26
#
No
quantitative
unobservable
inputs
significant
to
the
valuation
technique
were
created
by
the
fund’s
management.
*
Unobservable
inputs
were
weighted
by
the
relative
fair
value
of
the
instruments.
**
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
investment(s)
that
would
have
resulted
from
an
increase
in
the
corresponding
input
at
period
end.
A
decrease
in
the
unobservable
input
would
have
had
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
+
Valuation
techniques
may
change
in
order
to
reflect
management’s
judgment
of
current
market
participant
assumptions.
F65-054Q3
09/21
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Discount
for
lack
of
collectability
100%
100%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
Pricing
service
Discount
for
lack
of
marketability
65%
65%
Decrease
Options
pricing
model
Private
company
valuation
—#
—#
—#
Risk-free
rate
3%
3%
Increase
Volatility
38%
38%
Increase
Discount
for
lack
of
marketability
10%
10%
Decrease
Convertible
Preferred
Stocks
$
577,917
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Capital
conversion
reference
point
$55
Billion
$55
Billion
Increase